The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-16

The Virginia State Debt.
10 Me P.onl. IF IlLnin,a.

To the Peopic of jjYD'a:
At meetiuroi Virginia BoujholIers. CON
Vcncd Joy tlo Council oI fn.IrG BDUdhJ'dcrs,
and hCd ou Friday. lne zita %. 5 ptcmUer
1856 at tIc |lullU..Ire. l.uiDi. London,
the following resolutions We're passed uuau
"That this meeting lep'orca The lone contest
into which Che loulh0IID.s H.Fn "e. % forced
for tine maintenance OF their rights, Hud. 81 niIe
asserting It's stgldI8st determination NOT tJ ac-
ccpf thc Nddlelclaa" settlements, which, M
Wow OF Tire admitted ability 81. Virginia t] -ei-
Tie with her creditors. and Ihe -3Ci GOES they
have already made ou her behalf. DO considers
dishonest and UNJUST hereby expresses Dol.
WILLINGNESS tO meet Toe state and cnt .fidiu
reasonable compromise based upon the pre-,
emit taxation and the available revenue, after
providing Tor tine Constitutional appropriation
for governments schools. and other public OK
The State had the benefit Of the whole off the
money she originally borrowed SJiWUUO. u
laid the g. lndatiOn OF her roads, railways ana
canals, and has brought millions OF dollars
into the country. Had you NOT constructed
these public works with the bondhOlders
money you would have 10 bee taxed now for
them.
no State which borrowed money over en-
iOycd the benefit OF it's loans more than Viz
GINA has done See senate Document XIV
Session. lSll-'4S.I
The present unsettled condition of the debt
is keeping capital and Immigration out of VIZ
will never develop the splendid resources OF
the State i'm the way they deserve.
The revenue Of Virginia ls increasing The
last assessment shows AN increase OF S3),OD,
900 i'm taxable values. Your present revenue
might be largely increased If the taxes were
more carefully collected and the present as
sessments on property egnlzed throughout
the State.
years ago is easy now, and each year the bur
den will become lighter. When the debt qucs
ton is settled capital and enterprise, which
now holds alOOf, Will flow into the state.
The settlement offered by the DOndhOidcrs
proposes that the bonds now i'm existence bear
ing X-recciVable coupons should be deposited
in some trust company; that new bonds should
be issued I'm their place, bearing no tax rcceY
able coupons. and at low rate OF interest.
When the state pays a halfyear's interest on
the new bonds. the taX-recciyabe coupons for
that half year shall be cut OF the old bonds by
the trust company, cancelled, ana delivered 10
the State ANY increase on the present rcVc-
nue. will be appropriated by the state, and
the bOndhOiders Will not have any claim on IT,.
There was "a cash balance last July IN the
Treasury of S131 900, and the average purchase
of Riddleberger 3s by the State has been as
the rate of 100000 per annum in cash. The
State has some millions Of dollars of assets
which would help her in arranging settle
ment.
The b0ndholders are as deeply interested as
you are in maintaining the credit and prosper
ity Of your State. They ask for lulr nearing
and discussion of the question by business
men, and not by politicians, whose interest 81
is 10 prevent an understanding being arrived
at and an honorable compromise made.
The best way of bringing about TINS settle
ment is for taxpayers to tender coupons IN
payment Of their taxes. In view OF lhe con
ciiatory spirit and liberal offer made by the
creditors / venture respectfully % submit 10
you that il is your moral duty. as well as your
legal right and privilege, 90 tender coupons Tor
taxes now due. JAMES =. COOPER.
uO26